L.M.I.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
L.M.I.
Largest movements
- Stocks and contracts -€137,192
no longer reported in 2025 (was €137,192)
- Cash +€77,315
up €77,315 (+42.9%), from €180,190 to €257,506
mainly Stocks and contracts (+€137,192) and Tax, wage and social debts (+€14,153)
- Receivables within one year +€28,911
up €28,911 (+570.9%), from €5,064 to €33,974
of which Trade receivables: +€17,405
- Tangible fixed assets -€5,315
down €5,315 (-7.1%), from €74,875 to €69,560
- Other debts -€29,268
down €29,268 (-99.5%), from €29,401 to €134
- Profit (loss) carried forward -€20,040
down €20,040 (-12.7%), from -€158,369 to -€178,409
- Tax, wage and social debts +€14,153
up €14,153 (+42.6%), from €33,257 to €47,410
- Trade debts +€10,799
up €10,799 (+14.8%), from €73,114 to €83,913
- Debts after one year -€5,854
down €5,854 (-2.6%), from €224,010 to €218,156
of which Financial debts: -€10,854
- Gross operating margin -€64,862
down €64,862, from €59,985 to -€4,877
- Other operating charges -€25,067
down €25,067 (-75.4%), from €33,241 to €8,174
- Taxes -€1,498
no longer reported in 2025 (was €1,498)
- Financial income +€1,003
up €1,003 (+128539.7%), from €1 to €1,003
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €416,513 | €383,652 | -€32,861 | -7.9% |
| Fixed assets | 21/28 | €74,875 | €69,560 | -€5,315 | -7.1% |
| Tangible fixed assets | 22/27 | €74,875 | €69,560 | -€5,315 | -7.1% |
| Land and buildings | 22 | €74,875 | €69,560 | -€5,315 | -7.1% |
| Current assets | 29/58 | €341,638 | €314,092 | -€27,546 | -8.1% |
| Stocks and contracts in progress | 3 | €137,192 | - | -€137,192 | |
| Stocks | 30/36 | €137,192 | - | -€137,192 | |
| Amounts receivable within one year | 40/41 | €5,064 | €33,974 | +€28,911 | +570.9% |
| Trade receivables | 40 | €4,973 | €22,378 | +€17,405 | +350.0% |
| Other amounts receivable | 41 | €91 | €11,596 | +€11,506 | +12671.3% |
| Cash at bank and in hand | 54/58 | €180,190 | €257,506 | +€77,315 | +42.9% |
| Deferred charges and accrued income | 490/1 | €19,192 | €22,612 | +€3,420 | +17.8% |
| Total equity and liabilities | 10/49 | €416,513 | €383,652 | -€32,861 | -7.9% |
| Equity | 10/15 | €41,631 | €21,591 | -€20,040 | -48.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€158,369 | -€178,409 | -€20,040 | -12.7% |
| Amounts payable | 17/49 | €374,882 | €362,061 | -€12,821 | -3.4% |
| Amounts payable after more than one year | 17 | €224,010 | €218,156 | -€5,854 | -2.6% |
| Financial debts | 170/4 | €71,010 | €60,156 | -€10,854 | -15.3% |
| Other amounts payable | 178/9 | €153,000 | €158,000 | +€5,000 | +3.3% |
| Amounts payable within one year | 42/48 | €145,879 | €140,818 | -€5,062 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €10,106 | €9,361 | -€745 | -7.4% |
| Trade debts | 44 | €73,114 | €83,913 | +€10,799 | +14.8% |
| Suppliers | 440/4 | €73,114 | €83,913 | +€10,799 | +14.8% |
| Taxes, remuneration and social security | 45 | €33,257 | €47,410 | +€14,153 | +42.6% |
| Taxes | 450/3 | €33,257 | €47,410 | +€14,153 | +42.6% |
| Other amounts payable | 47/48 | €29,401 | €134 | -€29,268 | -99.5% |
| Accrued charges and deferred income | 492/3 | €4,993 | €3,088 | -€1,905 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,315 | €2,315 | = | 0.0% |
| Other operating charges | 640/8 | €33,241 | €8,174 | -€25,067 | -75.4% |
| Gross operating margin | 9900 | €59,985 | -€4,877 | -€64,862 | |
| Operating profit (loss) | 9901 | €24,429 | -€15,366 | -€39,795 | |
| Financial income | 75/76B | €1 | €1,003 | +€1,003 | +128539.7% |
| Recurring financial income | 75 | €1 | €1,003 | +€1,003 | +128539.7% |
| Financial charges | 65/66B | €6,136 | €5,678 | -€458 | -7.5% |
| Recurring financial charges | 65 | €6,136 | €5,678 | -€458 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €18,293 | -€20,040 | -€38,334 | |
| Income taxes | 67/77 | €1,498 | - | -€1,498 | |
| Profit (loss) for the period | 9904 | €16,796 | -€20,040 | -€36,836 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,796 | -€20,040 | -€36,836 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.